Comparing Fees: SWIFT/SEPA Transfer Costs, Maintenance Fees, and Hidden Charges for Non-Residents

Table of contents

TL;DR. Banking Fees in Georgia for Non-Residents (What Actually Matters)

Introduction. Why Non-Residents Misjudge Banking Costs in Georgia

What “Banking Fees” Actually Mean for Foreigners in Georgia

Account Maintenance Fees. Personal vs Business Reality

International Transfers. Where Most Fees Actually Appear

SWIFT Transfers. Flexible, Global, and Costly

SEPA Transfers. The Quiet Advantage for Europe-Based Clients

Fee Comparison Table. SWIFT vs SEPA in Practice

Currency Conversion. The Fee You Never See Listed

Bank Fee Calculator. What Non-Residents Actually Pay Over a Year

How Gegidze Helps Clients Avoid Hidden Banking Costs

Cases That Quietly Increase Banking Costs in Georgia

Why These “Edge Costs” Matter More Than Fees

Frequently asked questions (FAQs)

TL;DR. Banking Fees in Georgia for Non-Residents (What Actually Matters)

Banking in Georgia is affordable, but only when structured correctly.

Here is what actually determines your cost:

• SEPA transfers are dramatically cheaper than SWIFT for EUR income

• USD SWIFT transfers remain viable but require expectation management

• FX spreads often cost more than visible fees

• VAT confusion creates delays, not savings

• Personal accounts are not meant for long-term business income

• Crypto businesses are accepted, but only with clear documentation

• Compliance friction is the most expensive “hidden fee” of all

Freelancers using individual entrepreneur Georgia structures often have the lowest banking costs.LLCs pay slightly more, but gain stability.Crypto businesses work best when banking and tax logic are aligned from day one.

Georgia is not “cheap by default.”Georgia is cheap when done correctly.

Introduction. Why Non-Residents Misjudge Banking Costs in Georgia

Georgia has earned a reputation for being business-friendly, fast, and affordable. That reputation is largely deserved. Company registration is quick. Taxes are simple. Bank accounts are accessible even for foreigners.

But when it comes to banking fees, many non-residents arrive with the wrong expectations.

People often assume that opening a bank account in Georgia automatically means “cheap banking.” Then the first international transfer arrives, a few euros disappear somewhere between correspondent banks, a currency conversion happens at a rate they did not expect, and suddenly Georgia feels less predictable than advertised.

The issue is not that Georgian banks are expensive. The issue is that banking costs are fragmented. Fees are spread across transfers, FX spreads, compliance processes, and account structures. Unless you understand how those parts fit together, it is easy to underestimate the real cost of operating a Georgian bank account as a foreigner.

This article breaks that down clearly. Not theory. Not marketing language. Real costs. Real scenarios. And realistic expectations for freelancers, individual entrepreneurs, LLC founders, and crypto-adjacent businesses using Georgian banks.

What “Banking Fees” Actually Mean for Foreigners in Georgia

When people search for bank account in Georgia or best bank in Georgia for foreigners, they usually focus on one question.“How much does it cost to open an account?”

That is the wrong question.

Account opening itself is rarely the expensive part. The real cost of banking for non-residents comes from ongoing operational fees, not the setup.

For practical purposes, banking costs in Georgia fall into five categories:

• account maintenance fees

• international transfer fees (SWIFT or SEPA)

• currency conversion costs

• card and cash usage fees

• compliance-related charges

Most banks do not bundle these into a single price. Each cost appears at a different moment, often triggered by activity rather than time.

This is why two foreigners using the same bank can have very different annual banking costs.

Account Maintenance Fees. Personal vs Business Reality

Personal accounts for non-residents

For a standard personal account, most Georgian banks charge a monthly maintenance fee, especially for non-residents. The amount depends on the bank and the service tier.

In practice, non-resident personal accounts usually fall into one of two categories:

• basic non-resident account

• premium or concept-level account

Basic accounts tend to have lower monthly fees but limited support and slower compliance response. Premium tiers cost more per month but reduce friction later, especially for clients with frequent international transfers.

For freelancers or digital nomads who use a personal account temporarily before registering as an individual entrepreneur in Georgia, these fees are manageable. Problems start when personal accounts are used long-term for business income, which often triggers compliance questions and indirect costs.

Business accounts for Individual Entrepreneurs (IE)

Once a foreigner registers as an individual entrepreneur in Georgia, banking becomes cheaper and cleaner.

Banks understand this structure well. The Georgia 1% tax regime is familiar to compliance teams. Transaction logic is predictable. As a result:

• maintenance fees are usually lower than LLC accounts

• fewer compliance reviews are triggered

• transaction patterns are easier to explain

This is one reason freelancers searching for Georgia individual entrepreneur registration often report smooth banking experiences.

Business accounts for LLCs

LLC accounts are more expensive, but for a reason.

Banks must monitor:

• corporate activity

• ownership structure

• inbound and outbound flows

• salary and dividend payments

Monthly maintenance fees are higher than for individual entrepreneurs, but still low compared to EU jurisdictions. What matters more is how the company uses the account, not the fee itself.

A clean LLC registered in Georgia with foreign clients and clear invoicing usually remains cost-efficient. A poorly structured company creates hidden costs through delays, document requests, and blocked transfers.

International Transfers. Where Most Fees Actually Appear

For non-residents, international transfers are the single biggest source of surprise costs.

Georgia does not isolate itself financially. It relies on correspondent banking networks. That means fees are rarely just “bank A to bank B.”

There are two main transfer methods used by Georgian banks:

• SWIFT

• SEPA

Understanding the difference between them matters more than choosing the bank itself.

SWIFT Transfers. Flexible, Global, and Costly

SWIFT transfers are used primarily for USD and non-EUR currencies.

They work everywhere. But they are layered.

Incoming SWIFT transfers

When a SWIFT transfer arrives in Georgia, the receiving bank is not the only one involved. One or more intermediary banks may process the transaction before it reaches your account.

Each intermediary can deduct a fee.

That is why a client expecting 5,000 USD sometimes receives 4,960 USD without any clear explanation. The deduction did not happen in Georgia. It happened upstream.

Outgoing SWIFT transfers

Outgoing SWIFT transfers from Georgian banks usually involve:

• a percentage-based fee

• a minimum fixed charge

• possible correspondent fees deducted later

For small transfers, the minimum fee often makes SWIFT inefficient. For large transfers, SWIFT remains useful, but predictability decreases.

This is why freelancers and service companies earning in EUR prefer SEPA whenever possible.

SEPA Transfers. The Quiet Advantage for Europe-Based Clients

SEPA transfers are available for EUR transactions within the SEPA zone.

For non-residents working with EU clients, this is where Georgian banking becomes extremely competitive.

SEPA transfers are:

• cheaper

• faster

• more predictable

• usually free or near-free on the incoming side

For a freelancer registered as an individual entrepreneur in Georgia and invoicing EU clients, SEPA can reduce annual banking costs dramatically.

This is one of the reasons why Georgia attracts remote professionals from Germany, France, the Netherlands, and Poland.

Fee Comparison Table. SWIFT vs SEPA in Practice

Below is a realistic comparison, not marketing averages.

Category	SWIFT Transfer	SEPA Transfer
Typical currency	USD, GBP, others	EUR
Incoming fee	Often free locally, but correspondent deductions apply	Usually free
Outgoing fee	Percentage + minimum fee	Low fixed fee or free
Intermediary fees	Common	Rare
Speed	1–5 business days	Same day to 1 business day
Cost predictability	Low	High
Best for	US clients, non-EUR markets	EU clients
Common surprise	Missing amount on arrival	Almost none

This table alone explains why two businesses with identical revenue can have completely different banking costs in Georgia.

Currency Conversion. The Fee You Never See Listed

Currency conversion is where banks quietly earn most of their margin.

Georgian banks usually do not charge a visible “FX fee.” Instead, they apply a spread between the market rate and the conversion rate offered to the client.

That spread depends on:

• currency pair

• time of day

• whether conversion is manual or automatic

Automatic conversions triggered by incoming transfers are almost always worse than manual in-app conversions.

Clients who hold income in its original currency and convert intentionally tend to save significantly over time.

This matters especially for companies earning in USD but paying local expenses in GEL.

Card Fees and Cash Usage. Less Dramatic but Still Relevant

Compared to international transfers, card fees are a smaller cost, but they still add up.

Non-residents should expect:

• card issuance fees

• annual card maintenance

• international ATM withdrawal fees

Georgian banks are generally cheaper here than EU banks, especially for domestic withdrawals. The real cost appears when cards are used heavily abroad.

Compliance-Driven Charges. The Invisible Cost Category

Some fees never appear as line items.

Compliance reviews take time. Time delays cost money indirectly.

For example:

• delayed incoming transfers

• temporarily frozen funds

• repeated document requests

These are not “fees” in the classic sense, but they create operational friction.

Crypto-adjacent businesses often feel this most strongly. Banks in Georgia do work with cryptocurrency-related activity, but only when transaction logic is clear. Unclear crypto flows trigger reviews, and reviews slow everything down.

This is why founders researching crypto tax Georgia or cryptocurrency in Georgia often struggle more with banking than with taxation.

Bank Fee Calculator. What Non-Residents Actually Pay Over a Year

Below is a calculator-style example, not a promise, but a realistic illustration.

Example 1. Freelancer invoicing EU clients (EUR)

• Monthly income. 4,000 EUR

• Transfer method. SEPA

• Conversions. Minimal

• Account type. Individual entrepreneur

Estimated annual banking cost

• Maintenance fees. Low

• Transfer fees. Near zero

• FX losses. Minimal

Result. Banking costs are almost negligible compared to income.

Example 2. LLC invoicing US clients (USD)

• Monthly income. 10,000 USD

• Transfer method. SWIFT

• Conversions. Regular USD → GEL

• Account type. LLC

Estimated annual banking cost

• Maintenance fees. Moderate

• SWIFT fees. Visible

• FX spread. Material

Result. Banking is still cheaper than EU alternatives, but cost awareness matters.

Example 3. Crypto service company

• Mixed fiat and crypto exposure

• Compliance-heavy activity

• Lower transfer volume, higher scrutiny

Estimated annual banking cost

• Maintenance fees. Moderate

• Compliance overhead. High

• Transfer delays. Possible

Result. Banking works, but structure matters more than fees.

Why Georgia Still Wins on Banking Costs Overall

Despite these costs, Georgia remains one of the most cost-efficient jurisdictions for non-resident banking.

Why?

Because:

• account maintenance is low

• tax alignment reduces compliance friction

• SEPA access is strong

• bureaucracy is minimal

The real savings appear over time, not on day one.

How Gegidze Helps Clients Avoid Hidden Banking Costs

At Gegidze, we rarely “sell” bank accounts. We structure profiles.

That means:

• choosing the right bank for the activity

• aligning tax and banking logic

• avoiding unnecessary compliance triggers

• preventing forced FX conversions

• setting expectations before money moves

This is how clients save money without chasing the cheapest headline fee.

Cases That Quietly Increase Banking Costs in Georgia

Most non-residents do not lose money in Georgia because banks are expensive.They lose money because their structure triggers the wrong rules.

These edge cases do not block accounts. They slowly make banking more costly, less predictable, and more stressful over time.

VAT Confusion. When “Just in Case” Becomes Expensive

VAT is one of the most common sources of unnecessary banking friction.

Georgia’s VAT system is simple, but only if you understand one core rule:

VAT applies primarily to domestic supply.

If you provide services to foreign clients, deliver work electronically, or perform services outside Georgia, VAT often does not apply at all. This is especially relevant for:

• IT outsourcing

• consulting

• marketing

• design

• software development

• Web3 and blockchain services

Where costs creep in is when VAT is mentioned incorrectly during onboarding.

Banks do not want VAT explanations. They want clarity.

Problems start when clients say things like:

• “VAT might apply later”

• “I’m not sure if I need VAT”

• “We’ll register once revenue grows”

From a bank’s perspective, that creates uncertainty. Uncertainty triggers additional checks. Additional checks slow transfers and increase compliance oversight.

Cost impact over time

• delayed incoming transfers

• additional document requests

• occasional payment holds

None of these appear as “fees,” but they cost time and opportunity.

Correct positioning is simple.If VAT does not apply to your activity, it should be stated clearly from day one.

This is especially important for individual entrepreneur Georgia structures using the 1% tax regime, where VAT often has nothing to do with the business model at all.

Digital Nomads Using Personal Accounts Too Long

Georgia is extremely popular with digital nomads. Visa-free access. Low cost of living. Simple taxes.

But many nomads delay registration and keep using personal accounts for business income far longer than they should.

Banks tolerate this temporarily, not indefinitely.

What starts happening over time:

• more frequent source-of-funds questions

• requests for contracts and invoices

• pressure to explain why business income is not registered

This is not punishment. It is compliance logic.

From a cost perspective, the damage is subtle:

• transfers take longer

• FX conversions may be restricted

• support response slows

The fix is simple and inexpensive.

Register as an individual entrepreneur in Georgia, align with the Georgia 1% tax regime if eligible, and convert the account properly. Banking becomes cheaper and smoother almost immediately.

Crypto-Adjacent Activity Without a Clear Narrative

Crypto does not scare Georgian banks.Confusion scares Georgian banks.

This is an important distinction.

Georgia is one of the more crypto-friendly jurisdictions in practice. Cryptocurrency in Georgia is legal. Crypto tax Georgia rules exist. Banks work with blockchain-related businesses every day.

Where problems arise is when crypto activity is described vaguely.

Examples that trigger compliance escalation:

• “We do Web3 stuff”

• “Blockchain consulting, maybe tokens later”

• “We receive crypto sometimes”

Banks do not evaluate ideology. They evaluate flows.

They want to know:

• where funds originate

• whether crypto is custodial or non-custodial

• how crypto converts to fiat

• whether client funds are involved

When this is unclear, the result is not rejection. It is ongoing friction.

That friction has a cost:

• slower incoming payments

• extra documentation per transfer

• higher scrutiny on outgoing wires

Many founders assume this means they need a crypto license Georgia or a VASP license Georgia. In reality, banking approval depends far more on documentation quality than licensing labels.

Clear explanation beats formal titles.

Multi-Currency Accounts Used Without Strategy

Georgian banks make it easy to hold GEL, USD, and EUR under one profile. This flexibility is a huge advantage.

But without strategy, it can quietly increase costs.

Common mistakes:

• automatic conversion on incoming payments

• frequent small conversions instead of batching

• converting outside working hours when spreads widen

Over a year, FX spreads often exceed:

• maintenance fees

• transfer fees

• card fees combined

This matters most for:

• creative agencies

• IT outsourcing firms

• consultants billing in USD but spending in GEL

Clients who actively manage conversion timing consistently pay less, even when using the same bank.

Employer of Record (EOR) and Payroll Structures

Companies hiring through employer of record Georgia models usually do not expect banking costs to change.

But EOR-related flows often look different to banks:

• payroll batches

• recurring salary payments

• multiple beneficiaries

When structured properly, this is not an issue.

When poorly explained, banks may:

• ask for payroll documentation repeatedly

• flag transfers for review

• delay salary payments

The cost here is reputational, not just financial. Delayed payroll damages trust.

This is why EOR structures should be explained during onboarding, not after payroll begins.

Tax Residency Misalignment

Opening a bank account in Georgia does not make someone a tax resident.

But how you describe your residency matters.

Problems arise when:

• clients claim tax residency without a certificate

• income structure implies residency when it does not exist

• treaty benefits are mentioned prematurely

Banks do not issue tax opinions, but they do assess consistency.

If tax residency is part of the strategy, it should be handled separately, after banking is stable. Otherwise, it introduces unnecessary complexity into compliance review.

Why These “Edge Costs” Matter More Than Fees

Maintenance fees are predictable.Transfer fees are listed.FX spreads can be managed.

Compliance friction cannot.

Most clients who complain that “banking in Georgia became difficult” did not do anything illegal. They simply allowed small inconsistencies to accumulate.

That accumulation is the real cost.

At Gegidze, we do not optimize banking by chasing the lowest listed fee.

We optimize it by removing friction.

We:

• choose the right bank for your activity

• align tax structure before onboarding

• pre-clear compliance narratives

• prevent unnecessary VAT exposure

• structure crypto activity correctly

• reduce FX leakage through better account setup

This is why our clients rarely experience frozen transfers, unexplained deductions, or sudden compliance pressure.

If you want banking that stays predictable six months from now, not just on opening day, book a free consultation with Gegidze. We will show you exactly where costs appear in your setup and how to eliminate them legally.

Frequently asked questions (FAQs)

How much does it cost to open and maintain a bank account in Georgia for non-residents?

For most non-residents, opening a bank account in Georgia is either free or involves a small one-time onboarding fee, depending on the bank and whether a premium service is used. Monthly maintenance fees are generally low compared to EU banks, often ranging from 0 to 25 GEL per month. The real costs usually come from SWIFT transfer fees, FX conversion spreads, and compliance-related delays, not from account maintenance itself.

Is SEPA or SWIFT cheaper when banking in Georgia?

SEPA transfers are significantly cheaper than SWIFT transfers when available.SEPA transfers in EUR often cost €0–5 per transaction, while SWIFT transfers, especially in USD, can cost $20–50 per transfer, sometimes more when intermediary banks are involved. Businesses and freelancers receiving regular EUR payments typically reduce banking costs by structuring payments through SEPA-compatible accounts.

Do freelancers and individual entrepreneurs pay lower banking fees in Georgia?

Yes. Freelancers registered as an individual entrepreneur in Georgia, especially those using the 1% small business tax regime, usually face the lowest banking friction. Their income structure is simple, foreign-sourced, and predictable, which leads to faster compliance checks and fewer hidden costs. This often results in smoother transfers and fewer delays compared to unregistered personal accounts.

Does VAT registration affect bank fees or account approval in Georgia?

VAT itself does not increase bank fees, but VAT confusion often causes delays.If your services are delivered to foreign clients, VAT in Georgia usually does not apply. When this is clearly explained during onboarding, banks do not require VAT registration documents. Unclear VAT positioning, however, can trigger additional compliance questions, which indirectly increases operational costs through delayed payments.

Are crypto businesses charged higher banking fees in Georgia?

Crypto-related businesses in Georgia do not automatically pay higher banking fees, but they often face higher compliance scrutiny. If cryptocurrency activity is clearly documented, non-custodial, and aligned with crypto tax rules in Georgia, banks process transactions normally. Hidden costs appear only when crypto flows are poorly explained or mixed with unrelated activities, leading to extra reviews and slower transfers.

Can digital nomads use personal bank accounts in Georgia long-term?

Personal accounts can be used temporarily, but they are not suitable for long-term business income. Digital nomads who delay Georgia individual entrepreneur registration often experience increasing compliance questions over time. This does not always result in account closure, but it can lead to slower transfers, restricted FX operations, and more frequent source-of-funds checks. Registering properly usually reduces these issues and stabilizes banking costs.

What is the biggest hidden banking cost for non-residents in Georgia?

The biggest hidden cost is compliance friction, not fees.Unclear source of funds, mismatched tax structures, VAT uncertainty, or poorly explained crypto activity can slow transfers and create repeated document requests. These delays cost time, disrupt cash flow, and often exceed the impact of any listed SWIFT, SEPA, or maintenance fee.